![]() You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. ![]() So, the shares are expected to perform in line with the market in the near future. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.Īhead of this earnings release, the estimate revisions trend for Workhorse: mixed. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.Įmpirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. While Workhorse has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? Workhorse shares have added about 2.5% since the beginning of the year versus the S&P 500's decline of -13.1%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. The company has not been able to beat consensus revenue estimates over the last four quarters. This compares to year-ago revenues of $1.2 million. Workhorse, which belongs to the Zacks Automotive - Original Equipment industry, posted revenues of $0.01 million for the quarter ended June 2022, missing the Zacks Consensus Estimate by 87%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. These figures are adjusted for non-recurring items.Ī quarter ago, it was expected that this truck and drone manufacturer would post a loss of $0.12 per share when it actually produced a loss of $0.15, delivering a surprise of -25%. This compares to loss of $0.35 per share a year ago. The year over year increases.Workhorse Group ( WKHS Quick Quote WKHS - Free Report) came out with a quarterly loss of $0.13 per share in line with the Zacks Consensus Estimate. Read moreĬertus Unmanned Aerial Systems LLC. Read moreįor more detailed descriptions of. However, infection rates and regulations. Read moreĪdditionally, there was a decrease. Read moreĪdditionally, there was an increase. Issuance of convertible notes with net proceeds of approximately $262.4 million Exercise of stock options and warrants with net proceeds of approximately $53.6 million $1.4 million of net proceeds from the Paycheck Protection Plan Term Note and $25.0 million for the redemption of the mandatorily redeemable Series B Preferred Stock.Īdditionally, there was an increase of $7.0 million in professional services related to litigation and settlements, marketing programs, investor relations services and general consulting fees, a $3.1 million increase in selling related fees, and a $1.4 million increase in corporate insurance premiums. The increase in net cash provided from investing activities was primarily attributable to net proceeds of approximately $105.1 million received in connection with the sale of our investment in LMC. The increase in cash and cash equivalents was primarily attributable to the January 2021 release of $194.4 million of restricted cash held in escrow from the convertible notes net proceeds issued in October 2020, in addition to proceeds of $105.1 million received in connection with the sale of our investment in LMC. Other Inside Workhorse Group Inc.'s 10-K Annual Report:Ĭritical Accounting Estimates We consider an accounting estimate to be critical if: (1) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (2) changes in the estimate that are reasonably likely to occur from period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations.
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